ExxonMobil Agrees to Raise Rovuma Stake to 50% as Mozambique Targets 2030 Gas Start

Key Facts

ExxonMobil said in its third-quarter results statement, published on October 30, that it had agreed to raise its working interest in Mozambique’s Rovuma LNG project to 50%, confirming that it is already the operator. The agreement strengthens the company’s role in a project that plans to build an onshore facility with capacity of 18.6 million tonnes of LNG a year. The project’s current webpage says the target start-up is 2030, while another company page says operations are expected in 2031. The announcement comes as equipment contracts and preparatory work precede the final investment decision, which remains the key milestone before a move to full development. The statement did not specify the company’s previous stake or the terms of the agreement.

According to the project webpage, the first phase requires drilling 18 initial offshore wells in waters up to 1,700 metres deep and connecting them to the onshore facility through approximately 50 kilometres of offshore flowlines. On August 17, 2026, the concession-area companies awarded about $1.1 billion in pre-investment contracts for long-lead equipment and early site work. The contracts included subsea production systems, large-diameter production valves and offshore pipelines, according to ExxonMobil. In September, the concession-area companies selected a Saipem and Jan de Nul consortium for the engineering, procurement, construction and installation contract for offshore work. They also awarded two Mozambican companies contracts for supply-base services in Pemba. These contracts reflect preparations across parts of the project chain, from wells and offshore systems to logistics, ahead of the final investment decision.

ExxonMobil estimates that government revenues from the project will reach about $150 billion over an operating life of 30 years. The project webpage gives another estimate, saying the first phase alone could generate more than $140 billion in government revenues over its lifetime. The company webpage says the cumulative revenue figure of more than $150 billion excludes the share of state-owned ENH. These are company-published estimates, and the figures differ across its webpages in project scope and revenue wording. In the context of public debt, the International Monetary Fund said 90% of net revenues from the Coral and Rovuma projects are earmarked for debt service. This places the expected returns within a broader fiscal framework, with the specified share of net revenues going toward debt obligations.

ExxonMobil says the project could generate about $6 billion in economic activity within Mozambique and provide opportunities for about 7,500 Mozambicans during construction. This comes amid a broader expansion of the country’s LNG sector; the Coral South project began production in 2022, while the International Monetary Fund expected other Mozambican projects to begin production between 2030 and 2031. These projections place Rovuma among a wave of projects expected in the coming years, with published timelines for the project itself varying. The project overview webpage lists a 2030 start-up target, while the page on the selection of the engineering and construction contractor gives an expected date of 2031. These dates remain targets and expectations tied to project progress.

On the day the company reported results, ExxonMobil and Chevron shares rose nearly 2%, in line with the S&P 500 energy sector index, despite declines in the main U.S. indexes, according to Reuters. Reuters linked Exxon’s stronger-than-expected third-quarter earnings to higher refining margins amid fuel supply disruptions. It said the company had, for the first time in at least six years, earned more from refining than from exploration and drilling. Commenting on the sector, a Chevron finance executive said fuel margins could remain somewhat elevated “through next year.” The comment linked the persistence of higher margins to market conditions, while noting that a return to more normal levels is tied to the end of conflicts and repairs to damaged refineries. Rovuma’s next step remains progress toward a final investment decision, with start-up targeted for 2030 according to the project’s current webpage.